FT - CEO: As little as 20% of UK investment bankers need be in London

London Canary Wharf

Brutal ?

The Financial Times reports that London is a sensitive subject for the world’s big investment banks. Together, 14 of them employ close to 65,000 people in the UK capital.

Many thousands of these jobs have no need to be done in one of the world’s costliest cities, some of the banks privately admit — a point demonstrated by Credit Suisse’s October decision to move 1,800 jobs from Canary Wharf to 'less expensive centres'.

'You could be brutal and say only the front office client-facing guy for London (needs to be there)', says the CEO of one investment bank that is reviewing its London operations. He estimates that as little as a fifth of the thousands his bank employs in London need to be there.

Hit the link below to access the complete Financial Times article:

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